The Loonie has been in a strong downtrend on the higher timeframes ever since the March crash. However, we're approaching key MAJOR support and this is where the higher timeframes will be key.
We have weekly support but a weekly descending trendline. Which will break first? Only the market will tell us.
What we're looking at here, is the Head and Shoulders on the Daily timeframe and looking for the break and retest of the neckline down to test out that weekly support.
Any buys only work with a break above the 61.8% fib AND the weekly trendline, keeping our eyes on how price progresses and if it starts to wick back to entry towards the end of the week, we will close at breakeven for buys.
We have weekly support but a weekly descending trendline. Which will break first? Only the market will tell us.
What we're looking at here, is the Head and Shoulders on the Daily timeframe and looking for the break and retest of the neckline down to test out that weekly support.
Any buys only work with a break above the 61.8% fib AND the weekly trendline, keeping our eyes on how price progresses and if it starts to wick back to entry towards the end of the week, we will close at breakeven for buys.
